Spot rubber prices subdued
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Heavy losses in international rubber markets followed mainly by the slip in crude oil kept the domestic prices subdued on Monday. The January futures for RSS 3 was down by 7.7 yen a kg at 255 Yen against 267.2 Yen a kg at TOCOM. The global trend setter fell sharply in all its contracts on heavy long liquidation while the grade’s spot closed at 96.44 (97.35) a kg at Bangkok. Sheet rubber finished extremely weak at Rs.91.50 and Rs.92 a kg against Rs.93 and Rs.93.50 a kg respectively at Kottayam and Kochi. The market made all-round declines on buyer resistance amidst selling from dealers and growers.
FUTURES DECLINE
In futures, the most active December contract plunged to Rs.92.22 (93.92) a kg on MCX. On NMCE, the December contract nosedived to Rs.92.21 (94.73), January to Rs.93.70 (96.02), February to Rs.95.37 (97.75) and March to Rs.97.25 (99.72) per kg for RSS 4. The open interest stood at 5,662 (5,898) tonnes. The volumes totalled 2,214 (826) tonnes. The open positions were quoted at 1,630 (1,825) tonnes in December, 2,294 (2,364) tonnes in January, 1,375 (1,396) tonnes in February and 363 (313) tonnes in March. The prices went below the initial daily downward limit of 2 per cent on NMCE.
Spot prices per kg were : RSS-4: 91.50 (93); RSS-5: 87.50 (90.50); ungraded : 83.50 (95.50); ISNR 20: 86.50 (89) and latex 60 per cent : 61 (62)
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Source : Business Line |
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